General Fund
The General Fund is used to record
all receipts and disbursements for
current operating purposes except
pupil transportation and school
lunch.
Key Assumption Used During Budgeting Process
Assumes 15% decline in County’s assessed valueInflates Tax Rate○ 2009 Assessed Value = $3,565,379,224
-11.24%○ 2010 Assessed Value = $3,607,394,856
+1.18%
○ Projected 2011 Assessed Value = $3,066,285,628
Debt Service Fund
Used to record all receipts & disbursements for:
Debt obligations arising from bond issues for capital construction
Leases to provide capital construction
Interest on emergency & temporary loans
TBR Shortfalls
Corporation Indebtedness Lease rental of 2007 (Combined THNVHS,
THSVHS, Honey Creek Middle School and three new elementary schools
Lease rental of 2005 (Combined Riley Elementary School & Sarah Scott Middle School)
Interest on Temporary Loan ($500,000)
TBR Shortfall ($128,681)
Debt Service Fund
Proposed2010 2011
Budget 8,537,737$ 8,889,681$ Tax Levy 7,467,307$ 9,345,013$
Tax Rate 0.2070$ 0.3048$
Capital Projects Fund
The Capital Projects Fund is used to account for
expenditures for renovation of facilities; maintenance
of facilities; purchase, lease, & maintenance of
equipment; salaries & benefits of skilled craft
employees; provision & maintenance of technology;
provision & maintenance of security equipment; and
utilities and property/casualty insurance costs.
Capital Projects Fund
3-Year Plan; Approved annually with the 1st year of the
plan becoming the budget of the subsequent tax year;
Rate limited-as determined at each re-assessment period. (Currently $0.3564/$100 of assessed value before
utility provision).
CPF By Category of Cost
Bldg. Acq., Constr., & Improvement 6,140,445$ Purchase of Mobile or Fixed Equipment 5,233,000 Utilities/Insurance 3,616,000 Maintenance of Equipment 486,550 Rental of Bldgs, Grounds, & Equipment 705,000 Land Acquisition 50,000 Other Operation/Maintenance 55,000 Sports Facilities 650,000 Technology Support & Maintenance 499,420 Emergency Allocations 100,000 Professional Services 100,000
Total 17,635,415$
Capital Projects Fund
Proposed2010 2011
Budget 19,757,955$ 17,635,415$ Tax Levy 12,856,755$ 17,659,170$
Tax Rate 0.3564$ 0.5759$
Transportation Fund
The Transportation Fund is to be the exclusive fund used to record all receipts and disbursements of the school corporation for the payment of costs attributable to the transportation of school children to and from school.
Transportation Fund
Proposed2010 2011
Budget 5,825,815$ 6,117,106$ Tax Levy 5,082,819$ 6,083,387$
Tax Rate 0.1409$ 0.1984$
BUS REPLACEMENT FUND
12-year replacement plan Replace 8.33% of fleet each year
17 Buses in 2011 Total budgeted for 2011 -
$1,955,000
Bus Replacement Fund
Proposed2010 2011
Budget 1,915,390$ 1,955,000$ Tax Levy 1,695,476$ 1,900,308$
Tax Rate 0.0470 0.0620
Circuit Breaker Loss Projection for 2011
20112010 Levy 2010 Anticipated
Gross Loss Replacement Net Loss Loss
General -$ -$ -$ -$ Debt Service 870,279 423,499 446,780 940,340 Capital Projects 1,503,210 731,499 771,711 1,619,020 Transportation 593,372 288,750 304,622 640,067 Bus Replacement 197,791 96,250 101,541 213,507
Totals 3,164,652$ 1,539,998$ 1,624,654$ 3,412,934$
2011 Circuit Breaker Effect on County Taxing Units
AnticipatedLoss
Vigo County 3,387,280$ City of T.H. 6,855,896 VCSC 3,412,934 Public Library 648,057 Other Vigo Co. Taxing Units 2,499,920
Totals 16,804,087$
2011 Statewide Effect of the Circuit Breaker (by unit type)
AnticipatedLoss
Counties 64,484,872$ Townships 18,319,930 Cities & Towns 169,433,594 Schools 148,720,706 Libraries 21,618,276 Special Units 42,680,097 Other 23,427,627
Totals 488,685,102$
Budget Comparison
2010 2010 2011Advertised Approved Advertised
Budget Budget BudgetGeneral 115,250,000$ 115,250,000$ 110,450,000 Debt Service 8,537,737 8,537,737 8,889,681 Capital Projects 22,522,940 19,757,955 17,635,415 Transportation 6,665,590 5,825,815 6,117,106 Bus Replacement 1,915,390 1,915,390 1,955,000
Totals 154,891,657$ 151,286,897$ 145,047,202$
% Change in Budget -4.12%
Levy Comparison
2010 2010 2011Advertised Approved Advertised
Levy Levy LevyGeneral -$ -$ -$ Debt Service 8,918,821 7,467,307 9,345,013 Capital Projects 18,691,983 12,856,755 17,659,170 Transportation 6,145,869 5,082,819 6,083,387 Bus Replacement 1,791,661 1,695,476 1,900,308
Totals 35,548,334$ 27,102,357$ 34,987,878$
Tax Rate Comparison
2010 2010 2011Advertised Approved Advertised
Tax Rate Tax Rate Tax RateGeneral -$ -$ -$ Debt Service 0.2943 0.2070 0.3048 Capital Projects 0.6168 0.3564 0.5759 Transportation 0.2028 0.1409 0.1984 Bus Replacement 0.0591 0.0470 0.0620
Totals 1.1730$ 0.7513$ 1.1411$
BUDGET CALENDAR
August 9 – Permission to Advertise August 11 – 1st Advertisement August 18 – 2nd Advertisement August 23 – Public Hearing on Budgets September 13 – Budget Adoption